Can Ethereum Rediscover Its Price Action From The 2021 Bull Run?
For many of us in the crypto space, this isn’t the first time a bull run has been upon us. Many of us recall the hysteria of 2021, from Dogecoin fanaticism to NFTs selling for $50 million, to rogue fake Twitter announcements that Amazon was going to begin accepting Ethereum, to the ongoing saga between the SEC and XRP.
It was indeed a wild time; the chaos of the volatile markets was of a different fabric than what we currently see. In this bull run, there are plenty more memecoins and companies looking to get their feet wet in the market.
Within this vastly growing sea of competition, there are some suggestions that, even though it has not lost its title as the second biggest crypto by market cap, Ethereum could find itself behind the newer, hipper coins in town, and that Vitalik Buterin’s project might have peaked in the heady days of 2021. This might sound like a strange statement for any company that still has a market cap of over $330 billion, but if we compare the metrics of 2021 to 2025, there are other components to consider.
How BTC Has Asserted Its Dominance
There were talks in 2021 of Ethereum flippening BTC and closing in on its market cap. However, since 2024, the gap that has opened up between the two assets is staggering. BTC is charging ahead, reaching new highs and dominating derivative markets, such as casino gaming.
Although many cryptocurrency casino platforms offer a range of digital assets, it’s Bitcoin that continues to be the flagship digital asset for those who want to use their crypto to place a bet.
When choosing a Bitcoin online casino USA gamblers should compare bonuses, site security, withdrawal speeds, and what the experts have to say about the brand online.
It’s not just Bitcoin online casinos that spearheaded this change and helped to bridge customers to online betting markets they recognize. However, once we combine this with the rise of ETFs and institutional corporations warming to the idea of having Bitcoin on their balance sheets.
Ultimately, Bitcoin remains the figurehead and primary asset of choice for investors in the crypto space, with the influx of institutions contributing to its price surging above $100,000, showing no signs of slowing down.
ETH To Rediscover Its Form?
Ethereum ETFs have been experiencing a surge of late, especially BlackRock’s ETF. Still, in comparison to the action we’ve seen in BTC ETFs since 2024, it’s one of many reasons why Ethereum is falling further behind the cornerstone asset of the crypto world.
One of the most significant sticking points for ETH is that the gas fees can be astronomical during times of high demand. The Dencun upgrade in March 2024 was a step in the right direction, but with other altcoins offering much cheaper gas fees and transaction speeds, ETH slowly lost the momentum that saw it surpass $4,800 in 2021.
Ultimately, several factors have contributed to ETH’s loss of ground, but the intense competition in the altcoin market has led investors to diversify their bets elsewhere. That’s not to say that Ethereum doesn’t have the potential to surprise us all and break out back towards the all-time high region at some point, but with BTC nearly doubled what it was in comparison to ETH’s last hit it’s all-time high, then there’s certainly a lot of catching up to do.
Grappling With The Competition
Not only has Solana managed to undercut Ethereum in terms of gas fees and speed, but the network has also crashed several times over the last few years, and it’s developed a reputation as being the memecoin of choice for pump and dump investors rather than a blue-chip asset like ETH has established itself as.
Another headache for Vitalik is the rise of XRP, which has soared ever since the SEC finally dropped their case against the owners of the coin. Again, though, despite what XRP maxis say, the token is centralized, and is not without its detractors in the crypto space; all of this plays into the hands of ETH and lays the potential foundation for it to rediscover its form.
The next few months are crucial for Ethereum; it needs to be able to clearly detach itself from the rest of the altcoins in the space. Before this bull run, Bitcoin and Ethereum were the two frontrunners in the space, but Bitcoin has completely taken over, and it’s the coins that are behind Ethereum that have been able to close the gap significantly.
If it is going to regain it’s form and replicate the price action we witnessed four years ago, there needs to be an effective catalyst, whether it comes from a new all-time high, an ETF with major inflows, or an update that provides a clear, precise framework for Ethereum, making it more viable for investors in the long run.
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